Here come the Fed minutes ...

The Federal Reserve will release minutes of its most recent meeting at 2 p.m. ET.

This release will cover the meeting that was held from November 1-2, just before the US election.

The meeting will not account for the post-election surge in Treasury yields and inflation expectations, which made a December rate hike all the more likely. The market's stability and rise to new highs since then also supports the case for a hike next month.

Traders expected the Federal Open Markets Committee to vote against an interest-rate hike not just because of the political timing, but also because there was no press conference. As of Wednesday, traders had priced in a 100% probability of a hike in December, according to Bloomberg's world interest rate probability data.

The November minutes will show that the Fed was already gearing up for a rate hike, even as some members cautioned for more patience. The statement said "the case for an increase in the federal funds rate has continued to strengthen." It also noted rising inflation pressures.

The minutes could include a discussion about the potential upside for inflation, and whether the Fed risks being behind the curve, according to Bank of America Merrill Lynch economists.

We'll have the full minutes and their highlights at the top of the hour.